POULSBO, Wash., Dec. 18,
2017 /PRNewswire/ -- Pope Resources (Nasdaq:POPE) announced today
recent sales totaling 78 single-family lots from its Harbor Hill
project in Gig Harbor, Washington
for a combined $12.5 million. The
buyers were two different merchant builders: MainVue and Azure
Northwest. Harbor Hill is a mixed-use planned community consisting
of residential, retail, business park, and commercial
properties.
"Reminiscent of our Harbor Hill lot closings a year ago, we are
gratified to record this encore set of sales enabled by a very
strong Puget Sound housing market," said Tom Ringo, President and CEO. "Our first Harbor
Hill single-family lot sales occurred in 2014 and, with this
closing, we have sold 481 lots in just four years, a testament to
the market's enthusiastic response to this product. Given our
expectation of continued strength in this regional housing market,
we anticipate closing on most, if not all, of Harbor Hill's
remaining 65 residential lots in 2018."
About Pope Resources
Pope Resources, a publicly traded limited partnership, and its
subsidiaries Olympic Resource Management and Olympic Property
Group, own or manage 210,000 acres of timberland and development
property in Washington,
Oregon, and California. These acres include three private
equity timber funds that we manage, co-invest in, and consolidate
in our financial statements and from which we earn management fees.
These funds provide an efficient means of investing our own capital
in Pacific Northwest timberland and earning fee revenue from
managing the funds for third-party investors. The Partnership and
its predecessor companies have owned and managed timberlands and
development properties for over 160 years. Additional information
on the company can be found at www.poperesources.com. The content
of our website is not incorporated into this release or into our
filings with the Securities and Exchange Commission.
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SOURCE Pope Resources